We’re proud to announce that we raised $60 million at a $600 million valuation for our Series A. What we’re most excited about: forever changing the way people buy and sell B2B SaaS
We’ve all been there — we have a job to be done and need a SaaS product to solve for it. We find one we love, wait days to get a demo, spend hours trying to understand intricate pricing, and battle for weeks with finance, legal, and security to push the purchase through. On average, people spend 85 days — almost three months — slogging through the SaaS purchasing process.
Best case scenario, by the time we purchase and onboard a new tool, the team’s lost momentum and adoption fades. Worst case, we never end up buying, leaving wasted time on both the buy and sell-side. The latter happens more often than not with deals falling apart four out of five times.
What if we lived in a world where anyone in a company could find and purchase the SaaS they need — transparently, instantly, and at a fair price, all while seamlessly and magically navigating the internal procurement process with finance, legal, and security?
Buyers gain immediate access to pivotal tools and have time to focus on the work that matters. Sellers find the holy grail of sales: a 0-day sales cycle and 100% close rates.
Some members of Vendr's Boston-based leadership team, left to right:
Chau Nguyen, Lilly Bacher, Steph Prevost, and Ryan Neu
We are becoming the trusted way to buy (and sell) SaaS
Vendr launched in 2019 and in a mere two years, we’ve facilitated more than $300 million across 2,500+ SaaS transactions with 1,000+ SaaS suppliers. We’ve grown from a handful of people to over 50 in February of 2021. And in the last year, our revenue has grown at 5x — all while maintaining positive working capital.
Here’s what some of our customers have to say about the Vendr experience:
"In my opinion, Vendr is the way that every high-growth company should be negotiating SaaS contracts."
— Dave Vital, Finance at Drift
"Vendr helps us align to a consistent process and frees up our time to handle higher-value work."
— Michael Denari, Procurement at Canva
"Vendr allows individuals to acquire software so much faster and with much greater efficiency - it's just a win-win for anybody."
— Peter Day, IT & Compliance at Mixpanel
The value we bring to our customers every day, from our product to our customer team, almost sounds too good to be true. But we guarantee to save you cash, with customers gaining up to six times the cost of Vendr back in savings within their first year.
As for suppliers, we aim to create an environment where every salesperson who sees Vendr on a deal breathes a sigh of relief, knowing we’ll help them close quickly. We know our approach works when we receive comments like this one daily:
“It was a pleasure working with you on this process, thanks again for making it so predictable and streamlined. Hope we get to work with you and Vendr again.”
We’re the ultimate mediator, cutting through the noise on both the buy and sell-side to find the fastest path to what both parties need and want. And it’s working.
The investors joining us in our Series A
Today marks another proof point in our journey as we’ve secured a $60 million Series A led by Tiger Global, with help from existing investors Craft Ventures, Garage Capital, Sound Ventures, and Y Combinator.
We’re very thankful to be sharing this news. It’s inspiring to be working with such prominent firms to build out a better B2B world, focused on the buyer.
We plan to use our funding to expand our product within the Vendr platform and grow the business internationally to support our ever-increasing list of global customers.
The market shows no signs of slowing, with COVID-19 leaving a lasting impact and focus on capital efficiency. Gartner projects enterprise SaaS to reach $505 billion in 2021 and increase by 9.5% year over year. New SaaS solutions will continue to appear and companies will continue to purchase them to optimize the friction-filled nuances of their business.
All of which gives us even more motivation to continue our mission.
The frictionless B2B world we’re building
Our Founder and CEO Ryan Neu first encountered the pain points that inspired Vendr after a decade of selling SaaS at some of the world’s fastest-growing companies. “I experienced the inefficiencies of buying and selling SaaS firsthand,” Neu said. “It amazed me how challenging it was to transact. I decided it was time to create a new way to close B2B purchases, starting with SaaS.”
We hope to cure the friction that exists for all parties involved in a B2B SaaS transaction, including the core buyer, stakeholders in finance, legal, and security, and the supplier. We believe there is a win-win scenario in every deal and we know when it’s possible with the right information from all sides.
Our dream is to build a world where purchasing SaaS as an employee of even the most complex companies is as simple as buying a smoothie with your smartphone — like magic.
What this means for our customers
We’ll always continue to be obsessed with saving our customers money and promoting kindness as a competitive advantage. Beyond those core principles, we are excited to double down on building out our product as a major resource for customers to tap into as they shop, buy, renew, and assess their SaaS stack.